Prevent Condo Insurance Gaps, Suggests InsuranceAgents.com

Take precautions to prevent your policy from having condo coverage gaps. End Quote

Unit owners have to take out a separate condo insurance policy, and it is imperative that they guard against condo insurance coverage gaps

Chicago, IL (1888PressRelease) July 06, 2009 - These days, it’s tough for many Americans to make ends meet. If you live in a condominium, you know that you have the added finance of your insurance, as well as your condo association dues. You may think that your condo association dues and the master condo insurance policy are all the insurance you need, but that could not be further from the truth. Unit owners have to take out a separate condo insurance policy, and it is imperative that they guard against condo insurance coverage gaps.

According to a newly published article on InsuranceAgents.com, too many people don’t realize that their master condo insurance policy and their association dues do not actually insure everything inside the unit (your belongings down to the dry wall and any structural improvements). As such, some unit owners are unaware of where coverage gaps can fall in their policy—that is, until they try to make a claim and find out they’ve been denied by their carrier.

“Property that is usually excluded by the masters insurance policy and condo association dues—and which you need to get included in a proper condo insurance policy include […] furniture (sofas, dining set, rugs, drapes), electronics (TV, computer), any structural improvements you and all previous unit owners have made,” as well as interior walls, cabinets, personal appliances, your wardrobe, carpeting, hardwood, and other personal items, according to the InsuranceAgents.com article, ‘Condo Insurance: Guarding Against Coverage Gaps.’

Oftentimes unit owners will not get a separate condo insurance policy and these items will not be insured due to coverage gaps that could have easily been avoided.

Other ways of avoiding coverage gap is including flood insurance as well as option replacement cost coverage (where the new cost of a damaged item will be paid by your insurer).

On the other hand, maybe you regularly update your policy and are confident that there are no coverage gaps but are looking to find an affordable rate. The article recommends seeking several rates and quotes.

“If you are confident in your policy, however, and are just looking to save some money on your premium, you may want to compare some condo insurance quotes,” according to the InsuranceAgents.com article.

For more information, visit InsuranceAgents.com.

http://www.insuranceagents.com/guard.html

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